accounting st<strong>and</strong>ards, including medium enterprises, as well as private individuals registeringdouble accounting. Small enterprises <strong>and</strong> entrepreneurs may, but do not have to be obliged toregistering according to international accounting st<strong>and</strong>ards. From <strong>the</strong> aspect <strong>of</strong> <strong>SME</strong> sector, <strong>the</strong>introduction <strong>of</strong> obligatory auditing for medium enterprises is important ,while <strong>the</strong> control <strong>of</strong>financial operations <strong>of</strong> small enterprises <strong>and</strong> entrepreneurs will be under <strong>the</strong> supervision <strong>of</strong> TaxAuthority.The Law on Mortgage fastens <strong>the</strong> market development <strong>and</strong> makes <strong>the</strong> access t<strong>of</strong>inancial sources easier, as <strong>the</strong> mortgage is <strong>the</strong> most common way <strong>of</strong> secured loan in ourconditions <strong>and</strong> which are necessary for financing <strong>the</strong> business operationsBy <strong>the</strong> Law on Competitiveness Protection <strong>the</strong> Council on competitivenessprotection was founded, which main task is to promote <strong>the</strong> struggle against monopoly <strong>and</strong>monopoly behaviour. The penalties, regulated by <strong>the</strong> law, for monopoly behaviour (up to 10%<strong>of</strong> realized total annual income) should affect <strong>the</strong> streng<strong>the</strong>ning <strong>of</strong> <strong>SME</strong>,s market position.The Law on Foreign Trade Operations <strong>of</strong>fers <strong>the</strong> solutions for national <strong>and</strong> foreigntrade equalization <strong>and</strong> methods for national economy protection from disloyal foreigncompetition.The Law on Free Trade Zones creates <strong>the</strong> conditions for bringing <strong>the</strong> foreign directinvestments, higher employment level, <strong>and</strong> development <strong>of</strong> undeveloped or insufficientlydeveloped regions. The main advantages <strong>of</strong> operations in free trade zones are duty-free <strong>and</strong>tax-free, aimed at streng<strong>the</strong>ning <strong>the</strong> national economy competitiveness.The modifications <strong>of</strong> Law on Contributions for Obligatory Social Insurance <strong>and</strong><strong>the</strong> Law on Citizens Income Tax enabled <strong>the</strong> fiscal disburdenment <strong>of</strong> all tax payers <strong>and</strong>selective employment stimulation along with <strong>the</strong> protection <strong>of</strong> most vulnerable old-agepopulation <strong>and</strong> social groups. The employment <strong>of</strong> young people up to 30, older than 45, that is,50 years old, h<strong>and</strong>icapped was especially encouraged. The tax-free deadline for farmers hasbeen extended.The Law on Enterprise Pr<strong>of</strong>it Tax defines <strong>the</strong> tax rates <strong>of</strong> 10% on an enterprise pr<strong>of</strong>it <strong>and</strong>18% <strong>of</strong> VAT, which are among <strong>the</strong> lowest in Europe, but <strong>the</strong> effects are devaluated by o<strong>the</strong>r taxduties, various taxes, <strong>and</strong> administrative procedures.Table 12. contents list <strong>of</strong> some measures <strong>of</strong> business regulations <strong>and</strong> <strong>the</strong>ir enforcement relatedto Serbian economy:Table 12.YearEase<strong>of</strong>DoingBusinessRankRankStarting a BusinessProcedures(number)Time (days)Cost (% <strong>of</strong>income percapita)Min. capital (%<strong>of</strong> income percapita)Dealing with LicensesRankProcedures(number)Time (days)Cost (% <strong>of</strong>income percapita)2007 86 90 11 23 8.9 8 149 20 204 2,713.1056
RankDifficulty <strong>of</strong>Hiring IndexRigidity <strong>of</strong> HoursIndexEmploying WorkersDifficulty <strong>of</strong>Firing IndexRigidity <strong>of</strong>EmploymentIndexNonwage laborcost (% <strong>of</strong>salary)Firing costs(weeks <strong>of</strong>wages)RankRegistering PropertyProcedures(number)Time (days)Cost (% <strong>of</strong>property value)110 67 40 30 46 18 25 115 6 111 5.4Getting Credit Protecting Investors Enforcing ContractsRankLegal Rights IndexCredit InformationIndexPublic registrycoverage (%adults)Private bureaucoverage (%adults)RankDisclosure IndexDirector LiabilityIndexShareholder SuitsIndexInvestor ProtectionIndexRankProcedures(number)13 7 5 0.1 51.3 64 7 6 3 5.3 101 36 635 28.4Time (days)Cost (% <strong>of</strong> debt)Paying Taxes Trading Across Borders Closing a BusinessRankPayments (number)Time (hours)Pr<strong>of</strong>it tax (%)Labor tax <strong>and</strong> contributions (%)O<strong>the</strong>r taxes (%)Total tax rate (% pr<strong>of</strong>it)RankDocuments for export (number)Time for export (days)Cost to export (US$ percontainer)Documents for import (number)Time for import (days)Cost to import (US$ percontainer)121 66 279 11.7 20.2 4 35.8 58 6 12 1,240 6 14 1,440RankTime (years)Cost (% <strong>of</strong> estate)Recovery rate (cents on <strong>the</strong>dollar)103 2.7 23 23.1Source: http://www.doingbusiness.org/customquery/ViewCustomReport.aspx3.4.3. ESTABLISHMENT OF <strong>SME</strong>sThe process <strong>of</strong> founding business organisations in <strong>the</strong> Republic <strong>of</strong> Serbia is defined in<strong>the</strong> provisions <strong>of</strong> <strong>the</strong> Company Law (Official Gazette 76/2004, as <strong>of</strong> 22 November 2004). Inaccordance with this Law, legal forms <strong>of</strong> companies that can be registered in <strong>the</strong> Republic <strong>of</strong>Serbia are: partnership, limited partnership, limited liability company <strong>and</strong> closed held57
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1. SME DECLARATION AND WORKING GROU
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5.3.3. SME support infrastructure i
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The role of the state in technical
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General situation of credit marketT
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After creation and starting impleme
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At the meantime, small enterprise s
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Table. 32.Ease of businessDoingBusi
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people who start small businesses t
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are salaried and the medium - sized
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Technology Foresight in Greece 2001
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Greek VC market started to develop
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In the area of bankruptcy and restr
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enterprises. According to TURKSTAT,
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small size enterprise or micro ente
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industrial enterprises. Undersecret
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individuals, rather than well struc
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7. SUGGESTIONS FOR THE SME DEVELOPM
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Annex 1.MAP OF THE BLACK SEA COUNTR
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17-18 June 2005 1 st Moscow Interna
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ARMENIASTRENGTHS• Application of
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BULGARIASTRENGHT• Flexibility and
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GREECESTRENGHT• They have a vital
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ROMANIASTRENGHTWEAKNESS• Stabilis
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REPUBLIC OF SERBIASTRENGHT• Longe
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UKRAINESTRENGTHS• Well educated l
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In compliance with the Resolution m
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1. Please provide definition of SME
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7. Did you establish a dedicated bo
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11. Do you have any suggestions for